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Risk Control Self
Assessments and
Risk Management (RCSA/ERM)

Standardize and Automate Risk Assessment Evaluation and Reporting

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Risk Control Self Assessments

Dynamic, Effective Risk Management and Assessments

Risk and Control Self-Assessment (RCSA) reporting is critical to ensuring that banking and financial services organizations are in fact addressing and properly evaluating and mitigating risks. The process has traditionally been managed manually using distributed spreadsheets, documents and email. However, in today’s fast-paced regulatory environment, Chief Risk Officers, Risk Managers, Business Unit Managers, and Boards of Directors require more than last term’s historic assessment data. They need real-time risk and control insight. Predict360’s RCSA solution delivers risk stakeholders:

  • Centralized risk and control reporting across business units
  • A common taxonomy of risks and controls across the organization
  • Risk assessment scheduling for periodic and/or reoccurring assessments
  • Real-time identification of controls that are operating outside tolerance levels
  • Action items for remediation or improvement plans that are linked to risks and/or assessments
Risk Control Self Assessments
Risk Control Self Assessments

The Challenges of Manual Assessments

Legacy RCSA practices are time consuming and inefficient. The effort required to gather and evaluate risks, controls and inherent and residual risk is compounded by decentralized data and manual data entry and analysis. Further, a lack of standardization of risks or controls definitions results in:

  • Inconsistent risk ratings across business units
  • Non-standardized control taxonomies and definitions
  • Difficulties in rolling up overall enterprise risk
  • Duplication of efforts across departments
  • Subjective versus objective assessments
Risk Control Self Assessments

A Risk Management Solution that Provides Uniformity, Expediency and Clarity

Predict360’s Risk Management and Assessment application enables organizations to manage risks using proven enterprise risk management techniques such as risk control self assessment for banks to capture inherent and residual risk ratings and controls as well as additional details including risk owners, risk type, management comments, monetary impact and more. Individual risks can also be linked with their associated regulations and/or business obligation.

  • Real-time insight into RCSA progress and risk ratings
  • Standardization of risk and control taxonomies make it easier to compare and evaluate risks
  • Enterprise level RCSA reports based on data from different business units
  • Executive visibility into risk items with the ability to drill down to greater detail
Risk Control Self Assessments

Evaluate Inherent, Residual and Current Risks

Inherent and residual risk ratings can either be captured as user-specified impact and likelihood values, or the system can prompt the end-user through a company-defined set of questions/criteria to ensure a consistent risk rating is calculated across the organization.

  • Control Information can be captured in a summary control text field or as individual control items with attributes including efficacy, implementation percentage and weight to calculate the effectiveness a control has on managing a particular risk.
  • Functionality linking multiple controls to a single risk and/or a single control linked to multiple risks is supported.
  • Using the efficacy, implemented % and weight, a current risk rating is calculated and updated in real-time to identify controls that are operating outside tolerance levels. Those values can be updated any time that an incident occurs or control tests fail to instantly flag emerging risks to the enterprise.
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Risk Control Self Assessments

Enhance Enterprise Risk Management Programs with Predict360 RCSA

Predict360’s RCSA solution is designed to enable organizations to quickly improve the way it manages and mitigates risk. The user interface (UI) is based on spreadsheet to ensure that users can adopt the tool with minimal training. Instead of creating multiple documents, every department can use a single platform to generate dynamic RCSA reports.

The Business Intelligence (BI) engine in the Predict360 RCSA solution intelligently evaluates data from different business units and reports to deliver real-time insights and intelligence about enterprise level risks.

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Risk Control Self Assessments

What is RCSA?

RCSA (Risk Control Self-Assessment) is a process that enables businesses to accurately manage risks and ensure that risk information is updated. RCSA reports are created by identifying all the risks that affect the business and then tracking the efficiency of controls to mitigate those risks. These reports are invaluable for management in ensuring stability.

RCSA reports highlight all the concerns and risks that may affect a business. These reports are then ranked based on their sensitivity and likelihood. This is called inherent risk – the risk that is present in the absence of any controls. The controls for the risk are then listed and the residual risk (the risk still present after the controls) is then accounted for.

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Risk Control Self Assessments

Importance of Enhancing RCSA Reports

RCSA reports are not easy to manage. These reports are usually created as a static document. This means that if there is any updated information regarding any risk or control included in the document, the document needs to be manually updated.

This in itself is a risk because human error can result in inaccurate RCSA reports. Inaccurate RCSA reports can result in management believing risks are mitigated when in reality risks are getting more severe.

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Learn More – Download a Data SheetHave a look at how the risk mapping, predictions, live holistic view, dashboards, and much more will help your business manage risk better than ever before.” to “Download a data sheet to discover how risk and control mapping, assessments automation, real-time data insights, and business intelligence empowers organizations to proactively manage risk.